Shanghai Roche aims to achieve a revenue of 7.348 billion yuan by 2025, with the "de-pulping" strategy continuously intensified.

On the evening of March 26, Shanghai Raas (002252) disclosed its annual report for 2025, with the company achieving an annual operating income of 7.348 billion yuan and a net profit attributable to shareholders of 1.577 billion yuan. Shanghai Raas stated that the company adheres to the strategy of simultaneously advancing “expanding plasma sources” and “plasma extraction,” yielding results in areas such as plasma source expansion, research and development innovation, and digital intelligence upgrades. Despite the impact of the market environment, revenue and net profit experienced a slight decline, but overall operations remain stable.

Shanghai Raas focuses its main business on the production and sale of blood products, with a comprehensive product line covering three core categories: albumin, immunoglobulin, and clotting factors. According to the annual report, in 2025, the company’s “expanding plasma sources” strategy was implemented, achieving breakthroughs in plasma collection volume, plasma station layout, and regional advantages. The total plasma collection volume exceeded 2,000 tons, a year-on-year increase of over 8%; the number of plasma stations increased to 55 (including branches), covering 11 provinces (autonomous regions). Additionally, the expansion project of the company’s Fengxian production base was successfully completed, laying a foundation for future plasma collection volume transformation and capacity release.

In terms of research and development innovation, the company continues to intensify its “plasma extraction” strategy, establishing a dual-engine driven model of “blood products + innovative biopharmaceuticals.” The world’s first monoclonal antibody product for hemophilia targeting activated protein C, SR604 injection, has entered Phase IIb clinical trials, and a new Phase II clinical trial for vascular hemophilia has officially started, with core invention patents granted in multiple countries; the company obtained 11 new authorized patents throughout the year, including 3 invention patents, further improving its patent layout.

Moreover, Shanghai Raas’s annual report shows that the company has optimized its “multi-brand + all-channel” layout, with over 70,000 terminal outlets, and its human fibrinogen market share ranks first in the industry. The core product, intravenous immunoglobulin, has been registered in nearly 20 countries and regions.

Shanghai Raas reported that by the end of 2025, the company had total assets of 37.781 billion yuan, a year-on-year increase of 12.34%, with cash reserves of 2.84 billion yuan and a stable asset structure. In the future, the company will continue to deepen its “expanding plasma sources” and “plasma extraction” strategies, promote digital intelligence upgrades across the entire chain, and accelerate the implementation of innovative drugs.

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